If you are looking to build your residential home or are you a home builder in the Stone Mountain area and are looking for residential lots to buy and build residential homes, here you can find small lots and large tract of land that is already subdivided to build many residential houses.
Location is the first thing you should keep in mind. Knowing the area you want to live is first, after you have determined the location or city where you want to live, you can start the search for residential lots in that given area.
When looking for residential land one of the first steps is to locate a good land. How can we know if the land you found is a good lot? As each lot brings its benefits and disadvantages. When evaluating the lot, make sure the size is appropriate for the floor plan you have chosen. Lot size must be a priority, if it is too small you may have to ask for modifications to be able to build your house, these modifications can take up to 6 months to be approved.
Normally when you buy a resale house, you start the search in the spring months to buy and move during the summer months. When it comes to lots, I can't tell you what the best month is, and this is simply because after the lot is purchased, it will take around 8 to 12months to build your house. Now if you have a very definite date on which you want to move into your new home, I would tell you to take at least 18 months for the purchase and construction of your home. Only the construction of the house can take from 8 to 12 months, without counting on the time it takes to get a building permit, which can easily take 2 to 4 months.
The cost of land varies depending on its location. We cannot say that one acre of land in the northern Atlanta area can cost the same as in the Lawrenceville area. The land in the northern Atlanta area is probably 4 times more expensive. For example, one acre lot in the northern area of Atlanta can cost up to a million dollars. While a lot of the same size in Lawrenceville can be found for an average of 50 to 70 thousand dollars. The location of the land determines the price.
When you are buying land I do not recommend that you do it alone, especially when buying land, it is essential that you work with a good real estate agent, preferably someone who is specialized in buying land and preferably someone who has Some knowledge of zoning and construction.
Generally a land is bought in cash. Do not expect a bank to make a loan to buy land. If the bank makes a loan, the loan will be for an amount not less than 55 thousand dollars and generally for about 60 or 70% of the value of the land purchase if they lend it. If you want to get a loan to buy land, go to a Credit Union, they are a little more flexible with land loans. If the land you are buying has a house, then there is a possibility that the bank will give you a loan.
The value of the land you are buying has to be valued according to the value of the houses in the community or neighborhood located. Because this is important: If you pay a lot for the land, then the house you built is probably well above the price of the other houses in this area. To know if you are paying a suitable price, use the following formula: the price of the land has to be a quarter of the value of the house. For example, if the average value of the houses in that neighborhood is 100 thousand dollars, that means that the most you can pay for the land is 25 thousand dollars. This may vary somewhat depending on where the house is located, but the variation has to be minimal.
In the negotiation, be sure to allow enough time for both environmental research and zoning regulations. Environmentally, check if the land has large trees and where those trees are located, because in many cities it is very difficult to obtain a permit to cut trees that are specimen, also check if the land has all the sewer infrastructure, natural gas, water and electricity
Regarding zoning, confirm that the size and building area are adequate for the size of the house you want to build, in most cities it is very difficult to change the zoning or obtain variances of the established regulations.
For builders who are buying large land to plan a complete urbanization, it is very important to have access to public roads and you must verify how far the sewer, electricity, water and gas lines are, this will help determine the value of the land since these public services can be very expensive to implement.
When you buy a house, the first thing you try to do is meet your neighbor to ask all possible questions about the property you are buying. In the purchase of residential land is the opposite; It is not advisable to talk to the neighbors because they are very comfortable in having a vacant lot next to them their house and if you tell them that you are negotiating that land and it is to build a house, it is possible that all the neighbors will get together and oppose the construction of your home.
If the land you are buying has a non-residential zoning, do not assume that you can change it. The change of zoning is a long and complicated process and it is very common not to obtain the result that one wants.
If the lot is not buildable, the lot has no value at least to build a house. Now the land can be buildable but not suitable for what you are planning to build.
This means that legally the land is buildable but you cannot necessarily build what you have in mind, for example: the size of the land is one acre, all public services are available on the land, but the subsoil of the land It is not compatible or the land is very steep, so you also have to pay attention to these characteristics of the land before buying it.
The location is very important, a land that is within a community, that is close to good schools, hospitals, shopping centers, that land is more desirable than to say a residential land that is in a very trafficked street or near a used car lot.
A residential land may be located in a subdivision that has its own construction restrictions. If you are the person who wants to build your house and
You want to have total control of colors and designs of your house, possibly buying a land in a subdivision is not your best purchase.
The subdivision has its own construction rules, rules that include: style, size, color and many other things that you have to follow. To build in these subdivisions, one has to be approved by a committee that controls these aspects in the subdivision.
Beware of HOA (HomeOwners Association) costs, these costs will be charged from the day you buy the lot, even if you have not built your house, you have to keep up with these payments.
If the land is located in an unrestricted subdivision, this will make the process of building a house in this subdivision a little easier. Generally an unrestricted subdivision is a subdivision established many years ago, we can say subdivisions established more than 40 years ago, the covenant and bylaws have run out.
If you find a lot in such a subdivision, this is very favorable since you will know the price of the houses around you and therefore you will have an idea of the value of the land. In these subdivisions there is no committee or rules to follow other than those of the city or county where this subdivision is located.
To ensure there are no restrictions, confirm in the deed, if there are any subdivision restrictions, these will be listed in the deed of the property.
One of the things to verify when buying a land is that the adjacent land has the same zoning, this is important for the following reasons: If the adjacent land is commercial, on that land you can build industrial buildings and this can be very unfavorable for your home, the same can happen if the adjoining land is agricultural zoned, on this land you can have any type of animals, this is not favorable for your home.
Environmental damage is very common on land near gas stations and oil, gasoline, or natural gas pipelines. If the land you are buying is very close to a gas station or if the land has danger marks because pipelines pass through that area, then the buyer has to do what is called a Phase 1 which is an environmental study to see if the land It is not contaminated, this is not only recommended but rather I would say it must be mandatory to save future problems.
In certain lands there are environments that are part of the deed and therefore part of the land. These easements in the land can be of a public nature, as is an access for water, electricity, gas, or sewage public companies. These easements can also be private, such as an authorized access for a neighbor who has land behind this lot.
Before buying the land, make sure that it is free of encroachments and easements or if there are any, make sure that this does not impede the construction of your house.
If you are buying the land for the construction of your home, it is very important to be clear about exactly what you want to build on this land. Make sure the size of the house is suitable for the land. If you want to have a house with a basement, the land has to have a little inclination to be able to install a basement. It is advisable to speak with a local architect, if possible ask the architect to visit the site to see if what you want to do is possible in this field.
Banks generally do not make loans for the purchase of land, as I said earlier, the land is purchased in cash, but nevertheless there are financial institutions that make personal loans: institutions such as credit unions and some local banks.
You can make a loan for the construction of your house, and in the loan you can include the cost of land, these loans can be obtained by talking to a local bank or banker. Today the banks are asking that the owner put at least 20 or 30% of the cost of construction.
As you can see, to buy a residential land you need to do a lot of research that must be done to make sure that what you are buying meets all your needs.
If you need help with the purchase of residential land in the Stone Mountain area, Telmo Bermeo can help you.
If the purpose of buying the land in Stone Mountain is to build your personal home or you are buying the land to build several houses; Our construction company can advise you with expenses, selection of architects and engineers for the development of plans. Traditional Homes of Georgia LLC is a company established in 2004 and has been helping customers in all areas around Stone Mountain with everything related to home building.
For the purchase and sale of residential Land in Stone Mountain call Telmo Bermeo and his team of real estate agents in Stone Mountain.
Telmo Bermeo is a Real Estate Broker with about 20 years of experience in everything related to real estate. Telmo is also a Home Builder that has been helping with the purchase and construction of residential homes in the Stone Mountain area since 2001
To contact Telmo Bermeo you can dial 770-309-6417